Highlights of Clinton's Budget
Highlights of the budget President Clinton proposed today. The 1999 budget covers the fiscal year that begins next October 1. Unless otherwise noted, the figures are five-year totals.
SPENDING-SURPLUSES: Outlays for 1999 will total $1.73 trillion with a projected surplus of $9.5 billion, the first in 30 years, followed by projected surpluses of $8.5 billion in 2000, $28.2 billion in 2001, $89.7 billion in 2002 and $82.8 billion in 2003.
CHILD CARE: Spend $21.3 billion to double the number of children getting child care subsidies to 2 million, increase child care tax credits for working families, provide tax credits for businesses supplying child care and boost block grants to states to support child care programs.
EDUCATION: Provide $7.3 billion to help school districts hire 100,000 new teachers to reduce class size in grades 1-3. Tax incentives would be provided to support construction of new schools.
MEDICARE: Expand the government's massive health care program for the elderly to persons younger than 65 by allowing those from 55 to 64 to buy into the program by paying monthly premiums of up to $400.
ENVIRONMENT: Encourage individuals to purchase extremely high mileage cars by providing a tax credit of $3,000 starting in the year 2000. Other tax credits would be offered for the installation of solar rooftop panels, the purchase of highly energy-efficient homes and the installation of ultra-efficient heating and cooling systems.
POOR: Give Food Stamps to about 800,000 legal immigrants who lost them under the 1996 welfare overhaul, at a cost of $2 billion, and enroll 3 million uninsured, eligible children in Medicaid, the health-care program for the poor.
TOBACCO: Raise $65.5 billion in new revenue through congressional implementation of a comprehensive settlement with tobacco companies. The amount would be equivalent to a $1.50 per pack increase in cigarette taxes.
TAXES: Raise an additional $24 billion through elimination of a number of corporate tax breaks enjoyed by commercial banks, multinational companies and real estate investment trusts.
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